KEPPEL Land (KepLand) is launching its Highline Residences on April 30, with a new block which has 60 units released for sale. The developer had previously sold about 86 per cent of the 210 released units at private events held for registered prospects.
In September last year, KepLand said home buyers had picked up more than 80 per cent of the first 160 units released at its closed-door sales at an average price of S$1,900 per square foot (psf) after discount.
The developer had previously given an indicative price of S$2,000 psf for homes in the 99-year-leasehold condominium, which is located within walking distance from Tiong Bahru MRT Station.
At the upcoming launch, pricing for a one-bedroom unit is S$1 million, for a two-bedroom unit about S$1.4 million, for a three-bedroom unit about S$2 million and for a four-bedroom unit about S$2.4 million, according to a KepLand spokesman.
Highline Residences comprises 500 one-bedroom to four-bedroom homes, dual-key apartments as well as penthouses. They are spread across three residential towers and four low-rise blocks.
The project's unit sizes range 506 sq ft for one-bedders to 1,227 sq ft for four-bedroom dual-key units. There will also be six penthouses ranging in sizes from 2,174 sq ft to 2,260 sq ft.
Joseph Tan, executive director, residential services, CBRE said: "Highline Residences has a compelling investment story for investors who want to leverage rental and capital appreciation. The project's close connectivity to transport nodes and a whole web of amenities in a mature enclave presents strong fundamentals for future growth."
The project is designed by Mok Wei Wei of W Architects and features an elevated green ridge on level five which spans 180 metres with a wide range of recreational and communal facilities. This was inspired by New York City's High Line, a public park built on a historic elevated rail line.
Future residents at Highline Residences can also look forward to privileged membership and personalised concierge services. These include limousine and housekeeping services, and complimentary golfing at Ria Bintan Golf Club in Indonesia and privileged access to KepLand's golf courses in China.
Bernard Lee, director (business & research) at Huttons Asia, noted that the rental market in Tiong Bahru is resilient due to its low supply.
He added: "Rental rates achieved are generally stronger compared to other locations. This could be also attributed to the unique heritage neighbourhood that expatriate tenants enjoy living in."
Meanwhile, Aspial Corporation announced that its 50 per cent owned Urban Vista has obtained its Temporary Occupation Permit (TOP) and that its wholly owned Waterfront @ Faber project has been fully sold.
Upon obtaining TOP, Certificate of Statutory Completion and Subsidiary Strata Certificate of Title of Urban Vista, Aspial expects to receive approximately S$100 million cash in the coming months; this will go towards repayment of its bonds due in July 2016 and January 2017.
Aspial added that it has further locked in S$275 million of sales revenue from its Waterfront @ Faber project. The group expects to start receiving cash flow when the project receives TOP, expected to be in H1 2017.
This article was first published on April 28, 2016.
Get The Business Times for more stories.